Hyosung Heavy wins transformer contract from Orsted

SEOUL, November 4 (AJP) - South Korean power equipment maker Hyosung Heavy Industries has secured a contract from Danish green energy giant Orsted to supply ultra-high voltage transformers for a British offshore wind project, the company said on Monday. The contract pushes Hyosung Heavy's European orders past 1 trillion won (US$730 million) this year, following earlier deals with Britain's National Grid and power utilities in Scotland and Norway, where the company holds the

November 4, 2024

Volpara Health wins $7.3 million U.S. defense contract for breast cancer screening

SEOUL, November 04 (AJP) - Volpara Health, a New Zealand-based subsidiary of Korean medical AI company Lunit, announced Monday it has secured a five-year, $7.3 million contract with the U.S. Defense Health Agency (DHA) to deploy its Patient Hub mammography reporting and tracking system across military health facilities serving 9.6 million beneficiaries. "Working with the Defense Health Agency is a tremendous opportunity to improve healthcare for those who serve our nation,"

November 4, 2024

Korea to begin East Sea gas drilling next month

SEOUL, November 4 (AJP) - The state-run Korea National Oil Corporation (KNOC) is set to start exploratory drilling in the East Sea gas field next month, sources said Monday. The West Capella drilling ship, owned by Seadrill, is expected to arrive at Busan port around Dec. 10 and proceed to the "Blue Whale" drilling site, about 50 kilometers east of Pohang. The ship can drill to depths of 11,430 meters. U.S. oilfield services giant Schlumberger will analyze rock and gas

November 4, 2024

South Korea grapples with rising number of discouraged youths

SEOUL, November 1 (AJP) - After spending five years secluded in her home, 22-year-old Yoon is taking her first steps back into society. Three weeks ago, the former music student began attending a community center, where she connects with peers and explores a new career path. “The overwhelming pressure to succeed, combined with parental expectations, led to obsessive-compulsive disorder. I couldn't face anyone, so I withdrew completely,” Yoon told AJP at the center

November 1, 2024

Korea to hold mega shopping festival next month

SEOUL, November 1 (AJP) - South Korea will kick off its largest nationwide shopping event, Korea Sale Festa, on Nov. 9 for a 22-day run, with a record 2,600 companies participating, the Ministry of Trade, Industry and Energy said Friday. The event includes participation from major retailers like Shinsegae and Lotte, and various online platforms such as SSG.com, Coupang and Naver, all offering additional discounts on products ranging from daily necessities to cultural activities and

November 1, 2024

Korean energy giant SK Innovation completes merger with affiliate

SEOUL, November 1 (AJP) - The merged entity of Korea’s top refiner SK Innovation Co. and its affiliate SK E&S officially launched Friday, becoming Asia-Pacific's largest private energy company with assets worth about 105 trillion won ($78.5 billion). The company will retain the SK Innovation name and combines its petrochemical and battery operations with SK E&S's liquefied natural gas and renewable energy businesses. As part of a groupwide restructuring, the

November 1, 2024

Czech watchdog rejects Westinghouse, EDF appeals over KHNP nuclear deal

SEOUL, November 1 (AJP) - The Czech antitrust watchdog has dismissed appeals from U.S.-based Westinghouse Electric Co. and French state-owned utility EDF against Korea Hydro & Nuclear Power (KHNP) being chosen as the preferred bidder for a nuclear power plant project. The Czech Office for the Protection of Competition (UOHS) has been reviewing objections the two failed bidders filed after KHNP was named the preferred bidder in July to build new reactors in the Dukovany nuclear p

November 1, 2024

LG's transparent OLED TV named among Time's best inventions for 2024

SEOUL, October 31 (AJP) - LG Electronics' wireless transparent OLED TV and built-in kitchen appliance have been selected for Time magazine's "200 Best Inventions of 2024" list, marking the company's sixth consecutive year of recognition by the publication. The LG SIGNATURE OLED T, featuring a 77-inch transparent display and wireless AV transmission technology except for the power cord, was selected in the consumer electronics category. The device's componen

October 31, 2024

Samsung signals progress in Nvidia qualification for AI chips

SEOUL, October 31 (AJP) – Samsung Electronics said Thursday that it anticipates expanded sales of its advanced memory chips for artificial intelligence in the fourth quarter, citing key progress in the qualification process with Nvidia. "We havve made meaningful progress by completing important stages in the qualification process with a key customer," Kim Jae-june, executive vice president of Samsung's memory business, said during a third-quarter earnings call.

October 31, 2024

Czech watchdog temporarily halts nuclear plant deal with KHNP

SEOUL, October 31 (AJP) - South Korea's state-run nuclear operator Korea Hydro & Nuclear Power (KHNP) is facing a temporary hold on its nuclear power plant contract in the Czech Republic as the country’s antitrust watchdog reviews complaints from rival bidders. The Czech Office for the Protection of Competition (UOHS) announced Wednesday it had temporarily blocked the government from signing a nuclear deal with KHNP as it investigates appeals from U.S.-based Westinghou

October 31, 2024